Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008

(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):

x

Immediately upon filing pursuant to paragraph (b)

¨

On ____________, pursuant to paragraph (b)

¨

60 days after filing, pursuant to paragraph (a)(1)

¨

On _____________, pursuant to paragraph (a)(1)

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75 days after filing, pursuant to paragraph (a)(2)

¨

On ______________, pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

¨

This post-effective amendment designates a new effective date for a previously filed post-effective amendment

RAF Fund Ltd. has also executed this Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 15th day of April 2014.

OPPENHEIMER COMMODITY STRATEGY TOTAL RETURN FUND

By:

William F. Glavin, Jr.*

William F. Glavin, Jr., President, and

Principal Executive Officer and Trustee

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities on the dates indicated: